The Maduro government has tried to ease the inflation with several high profile efforts to devalue the currency. Most significant was an effort in the summer of 2018 to tie the value of Venezuela’s currency directly to a crypto currency called the petro. The hope was to reduce inflation by 90%. This effort has so far proven to be a failure.

Along with these shifts in the currency to fight inflation other unsuccessful measures have also been taken. For example, the minimum wage rate was increased by 3,000%.

Venezuela’s economy is expected to shrink by another 18% this year. This will be the third consecutive year of double digit decline of the national economy.

The healthcare system of Venezuela has collapsed. Malnourishment is operating at a high rate among the country’s disintegrating population. Diseases which were previously eradicated have returned in force within the country.